​In July, Noel & Vang Company purchased materials costing $23,100 and incurred direct labor cost of $19,800. Manufacturing overhead totaled $35,200 for the month. Information on inventories was as follows: ​ ​ ​  July 1 July 31 Materials $6,820 $7,810 Work in process      770   1,320 Finished goods   3,630   2,970 What was the cost of goods sold for July? Group of answer choices ​$77,220 $69,600 ​$71,300 $71,100

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A:

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Inventory Accounting

Inventory accounting is that branch of accounting that helps in determining the specific value of assets at different stages of production and development.